Interesting thread on squealing pig

Zammo

http://www.singingpig.co.uk/forums/thread/520458.aspx

Read the 3rd post down from Patsy, a most distressed BTLer.

She's bought 32 properties over the last 7 years, and "lovingly" refurbished them, leveraging up to 90% (Probably in negative equity by now then). Now she's worried as she can't remortgage any of her fixed rate deals and is having to pay the SVR.

None of this is her fault of course. Nothing to do with greed. She wants the Government to step in and help her and other struggling BTLers. Otherwise thousands stand to be made homeless as new build flats are repossesed. A commendable sentiment, I'm sure you'll agree.

What a caring and truly altruistic citizen.

We must do everything in our power to make the government take notice of the plight of these brave BTLers who look after the housing needs of the people of this country. As house prices are so ridiculously high, without the courageous BTLers who else could provide a roof over the heads of the proletariat?

m00m00

build up a BTL empire by leveraging up to 90% on existing properties ?

in a falling market ?


words fail me

pictures don't

neverdespairgirl

that's extraordinary.

in the mean time have gone off and done my own thing and built a portfolio of 32 properties over several years. I have friends who have done the same thing and we probably have about 207 properties between us mostly all with tenants in them and none of us bought off-plan or bought any new-builds.

and then

My friends and I are ordinary people with families of our own to support

Yes, because "normal" people often buy 32 (THIRTY-TWO, !!!!!!!) properdies and then go bust.

neverdespairgirl

not to mention, The way we are being treated is nothing short of criminal itself.

:rotfl::rotfl::rotfl::rotfl::rotfl:

PasturesNew

But she was doing it for the children! ... and stopping the children of 32 other families (64 if that's couples) getting their own home.

epz_2

given the banks will need to honor any tenancy(1) the tenants should be protected provided they have the good sense not to pay the last months rent till their deposit is returned

only family in danger is the landlords

(1) or the landlord should be jailed for fraud with 32 properties not on BTL mortgages

m00m00

it's kübler-ross stage 3 at it's finest

please please help us, save us from the mess we made, we'll do anything ....

dopester

If some of my mother's coffee-morning friends (not her only friends thankfully) weren't in a similar property-gang since 2004 then I'd find her Singing Pig post hard to believe.

They are going to lose all the BTLs and their own homes.

This crash is going to be mega.

jamescredmond

now this IS where my schadenfreude kicks in and confirms my socialist instincts (even if the lab. party tells us that the philosophy is dead and buried).

btler's -like this one - have taken 5% market share in recent yrs (someone correct me, if not true) and has distorted the market accordingly.

i exclude pickles from my glee at the collapse, because he's a pro l'lord and the market needs LL's like him( if not exactly his MSE post silliness).

I am truly 'lovin' it' that this this greed has met its nemesis.

there is a God, after all.

dopester

I can't stop re-reading her Squealing Pig post. She is so doomed.

It's ok for her to make a big drama about her pension, but she gives no thought to the fact speculator landlords like her have helped fuel HPI by snapping up so many properties to rent out - denying the opportunity to buy a reasonably priced house to people who only want their own home, and in turn have to rent one of her properties.

Even if she got the special assistance she wants, it would only keep rents artificially higher than they should be. Let her tenants have the opportunity to buy when the market crashes.

She is right though - the UK is in for very hard economic times.

epz_2

the interesting thing will be what happens when you get a few people like this go bust in the local area, it will have the impact of 32 normal people going bust. that volume of similar repos hitting the market will be damn nasty.